Bank stocks are giving the market a lift
Stocks are firmly higher today following the market's worst day in years. The Dow Jones Industrial Average (DJI) is up 272 points and looking to snap its worst losing streak since 1974, while the Nasdaq Composite Index (IXIC) jumps triple digits as well. Bank stocks are giving the market a boost, even as bond yields hover above the levels they surged to yesterday.
Continue reading for more on today's market, including:
- Accenture stock pops on beat-and-raise.
- Biotech stock heads for worst day in 4 years after trial results.
- Plus, options traders eye MU; SHCO receives buyout offer; and AI downgraded.
Micron Technology Inc (NASDAQ:MU) tops the list of unusual options volume today, following the semiconductor name's disappointing current-quarter guidance. So far, 327,000 calls and 236,000 puts have crossed the tape, which is already 2.7 times the stock's average daily options volume. The December 85 put is the most popular, with new positions opening there. At last check, MU was down 18.3% at $84.89, though long-term support at the $84 level appears to be keeping losses in check.
Shares of private members' club Soho House & Co Inc (NYSE:SHCO) are up 55.4% at $7.63 at last glance, and trading at 52-week highs, after the company announced it received a buyout offer from a new third-party consortium at $9 per share. Year to date, the equity is now up 7%.
C3.ai Inc (NYSE:AI) is down 12% at $24.90 at last look, after a downgrade from Keybanc to "underweight" from "sector weight." The analyst in coverage cited concerns over subscription revenue growth. Now headed for its worst single-day percentage loss since last December, AI is still up 23.2% since the start of the year.